Société Générale (AO) | Buy Tier2/AT1 | Stronger fundamentals support a new positive outlook - Buy SG Tier2/AT1 and Sogecap's Tier2/RT1

研报英文原文证据摘录

Société Générale (AO) | Buy Tier2/AT1 | Stronger fundamentals support a new positive outlook - Buy SG Tier2/AT1 and Sogecap's Tier2/RT1

yees of KEPLER CHEUVREUX, which is a non-US affiliate

and parent company of Kepler Capital Markets, Inc. a SEC registered and FINRA member broker-dealer. Equity/Credit Research Analysts employed by KEPLER CHEUVREUX, are

not registered/qualified as research analysts under FINRA/NYSE rules, may not be associated persons of Kepler Capital Markets, Inc. and may not be subject to NASD Rule 2711

and NYSE Rule 472 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account.

Research ratings

Kepler Cheuvreux rating split as of 30 June 2026

Rating Breakdown A B

Buy 55% 62%

Hold 34% 32%

Reduce 10% 5%

Not Rated/Under Review/Accept Offer 1% 1%

Total 100% 100%

Source: Kepler Cheuvreux

A: % of all research recommendations

B: % of issuers to which material services of investment firms are supplied

12 months rating history

The below table shows the history of recommendations and target prices changes issued by KEPLER CHEUVREUX research department (Equity and Credit) over a 12 months

period.

Company Name Date BusinessLine Rating Target Price Close Price

Société Générale (EUR) 04/08/2025 07:15 Equity Research Hold 56 53.98

09/10/2025 07:15 Credit Research Buy Tier2/AT1 54.42

03/11/2025 08:19 Equity Research Buy 61.9 54.86

09/01/2026 08:36 Equity Research Reduce 63.6 70.38

26/01/2026 18:36 Credit Research Buy Tier2/AT1 69.82

06/02/2026 09:24 Credit Research Buy Tier2/AT1 0

23/02/2026 08:13 Equity Research Reduce 65.1 73.76

15/05/2026 06:28 Equity Research Hold 70.7 67.46

02/06/2026 07:13 Credit Research Buy Tier2/AT1 70.82

Credit research does not issue target prices.